Kornitzer Capital Management Inc. KS grew its stake in shares of Northern Trust Co. (NASDAQ:NTRS) by 4.9% in the second quarter, HoldingsChannel.com reports. The firm owned 46,587 shares of the asset manager’s stock after buying an additional 2,180 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Northern Trust were worth $4,193,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Brand Asset Management Group Inc. purchased a new stake in Northern Trust in the first quarter worth $38,000. Litman Gregory Asset Management LLC bought a new position in Northern Trust in the second quarter worth $25,000. Resources Investment Advisors Inc. raised its holdings in Northern Trust by 194.2% in the first quarter. Resources Investment Advisors Inc. now owns 306 shares of the asset manager’s stock worth $28,000 after purchasing an additional 202 shares in the last quarter. Trust Co. of Vermont raised its holdings in Northern Trust by 750.0% in the second quarter. Trust Co. of Vermont now owns 340 shares of the asset manager’s stock worth $31,000 after purchasing an additional 300 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Northern Trust by 93.5% in the first quarter. Parallel Advisors LLC now owns 389 shares of the asset manager’s stock worth $35,000 after purchasing an additional 188 shares in the last quarter. 79.89% of the stock is owned by hedge funds and other institutional investors.
NTRS has been the subject of a number of research reports. Zacks Investment Research downgraded Northern Trust from a “buy” rating to a “hold” rating in a report on Friday, May 17th. Morgan Stanley set a $89.00 price target on Northern Trust and gave the company a “sell” rating in a report on Friday, August 9th. Bank of America restated a “neutral” rating and set a $97.00 price target (down from $107.00) on shares of Northern Trust in a report on Thursday, June 6th. Deutsche Bank reduced their price target on Northern Trust from $93.00 to $91.00 and set a “hold” rating for the company in a report on Friday, August 9th. Finally, Citigroup downgraded Northern Trust from a “neutral” rating to a “sell” rating and reduced their price target for the company from $94.00 to $85.00 in a report on Friday, July 12th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $105.78.
Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 24th. The asset manager reported $1.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.07. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Northern Trust had a return on equity of 15.74% and a net margin of 22.20%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 EPS. On average, equities research analysts expect that Northern Trust Co. will post 6.6 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.24%. The ex-dividend date is Thursday, September 12th. This is an increase from Northern Trust’s previous quarterly dividend of $0.60. Northern Trust’s dividend payout ratio (DPR) is 35.66%.
In related news, CFO Biff Bowman sold 46,204 shares of Northern Trust stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $92.81, for a total transaction of $4,288,193.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert P. Browne sold 12,156 shares of Northern Trust stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $86.88, for a total value of $1,056,113.28. The disclosure for this sale can be found here. Insiders have sold a total of 111,567 shares of company stock worth $10,639,832 in the last three months. 1.15% of the stock is owned by corporate insiders.
Northern Trust Company Profile
Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Corporate & Institutional Services (C&IS) and Wealth Management.
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